Montreal based Nordica Development will not only build the new 9 Beaches, it has also invested in the company.

Yesterday Stephane Boivin, President of the company, said they would be bringing to the table new construction technology that would help speed up the development timetable.

Mr. Boivin added: "We are extremely happy to be here we are confident in Bermuda's tourism industry and we are sure that we are in the right moment.

"We want to bring new construction technology to the Island. Precast construction means large portions will be built off the Island and it will reduce the construction time."

His company specialises in precast construction, which is a design approach in where entire buildings are made largely from concrete, including both structural and architectural elements.

The company's website says: "Load-bearing precast walls and hollow core slabs eliminate the need for additional structural members and steel framing. All of which results in numerous benefits and substantial savings."

A team will be on hand throughout the construction and Mr. Boivin added he would be personally supervising and visiting the Island two to three times a month to check on progress.

Mr. Dodwell said it was reassuring that not only was the company building the new property, it would also stay on after as an investor.